Property owners and/or property managers typically need to monitor property conditions to ensure that necessary maintenance is handled to extend the use and enjoyment of the property. When property condition monitoring is neglected, there is an increased risk of the property breaking, degrading, causing serious harm, and/or requiring extensive repairs, resulting in unwanted costs. Further, even when the condition of the property is monitored, the risk of unforeseen events that can damage the property, cause serious harm, and/or result in unwanted expenses still exists.
Insurance companies can provide insurance policies to cover a variety of damage or property loss scenarios associated with these risks, thereby making a policyholder whole in the event of property damage or loss. Reactive protection provided by insurance coverage is less preventative and more alleviative. Insurance companies may provide general publications with suggested actions to reduce certain types of risks, but typically do not proactively seek to reduce the risks of property damage or loss on an individualized basis. Such proactive measures would benefit policyholders by reducing their losses and possibly lowering premiums, and could benefit insurers by reducing claim payments.